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Enforceable undertakings to cover trustee exits
Australian Prudential Regulation Authority (APRA)
Announcing a number of interim measures, APRA said for trustees who had been prevented from finalising alternative arrangements due to circumstances beyond their control, it would consider accepting enforceable undertakings to ensure the finalisation of matters.
However, it said there were around 70 trustees who had not applied for a Registrable Superannuation Entity (RSE) licence, and who had not taken satisfactory measures to address the situation, and that such people would be removed and replaced by appropriately qualified acting trustees.
The regulator’s warning came as it announced it had taken the next step towards handling the exit of superannuation funds that failed to obtain an RSE licence by seeking expressions of interest from individuals and organisations capable of being acting trustees.
APRA said it was inviting applications for acting trustees to replace some of the trustees who would be in breach of the Superannuation Industry (Supervision) Act (SIS Act) at the conclusion of the superannuation licensing transition period on June 30.
APRA deputy chairman said while the vast majority of trustees had made a genuine effort to comply with the law, a small proportion had not done so, despite monitoring and regular communications from APRA since January, 2004.
AUTHOR
Mike Taylor
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